It's Monday May 8, 2006, and it's the first day of the trading week. The big financial industry news today is the $25 billion deal that would give Wachovia Bank (NYSE: WB) a greater presence in close to 39 states. They may be well on their way to acquiring Golden West Financial Corp (NYSE: GDW), this is the latest acquisition by Wachovia over the last few years, other acquisitions that they have made included SouthTrust Corp and Westcorp.
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Power Integrations, Inc
We need to make Wall Street to Main Street subscribers aware that one of the company's that we featured on Wall Street to Main Street two weeks ago as part of our "Furious Five" may be restating their financials going back to 1999 amidst a stock option scandal. The company is Power Integrations Inc (NASDAQ: POWI) and it traded down on heavy volume on Friday but bounced back up into positive territory by the close. We liked it for their product line but the restating of earnings could foster legal issues for the company, so we are taking a step back from our outlook on the company for 2006 due to this recent occurrence and needed to make our readers/listeners aware of the situation. Other companies that are facing similar issues include Comverse Technology (NASDAQ: CMVT) and Vitesse Semiconductor (NASDAQ: VTSS).
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Last Weeks "Furious Five"
These are the companies that were featured as part of our "Furious Five" last week, they include G-III Apparel (NASDAQ: GIII), Under Armour (NASDAQ: UARM), American Eagle Outfitters (NASDAQ: AEOS), Crocs, Inc (NASDAQ: CROX) and True Religion Apparel (NASDAQ: TRLG). If you are a subscriber and missed any of the "Furious Five" companies that were featured last week and want it resent to you just shoot us out an email using our contact form on http://www.namcnewswire.com and we'll get it out to you. This is only for subscribers if you are not a subscriber and wish to receive our feature on any of these companies just sign up to Wall Street to Main Street and then contact us via our contact form on http://www.namcnewswire.com and we'll have it sent to you.
Movers and Shakers
Some major movers in Fridays trading session included Four Seasons Hotel (NYSE: FS) which traded up $9.40 to close at $63.90, El Paso Corp (NYSE: EP) traded up $1.69 to close at $15.18, Oceaneering International (NYSE: OII) traded up $6.73 to close at $72.15, NYSE Group (NYSE: NYX) traded up $5.73 to close at $68.60, Activision (NASDAQ: ATVI) traded up $14.76 to close at $14.76, PriceSmare (NASDAQ: PSMT) traded up $2.32 to close at $11.91, and Terex Corp (NYSE: TEX) traded up $7.39 to close at $101.81.
Analyst Upgrades/Downgrades
Recent Analyst upgrades include Uap Holdings (NASDAQ: UAPH) which was upgraded to a Buy from a Neutral by Merrill Lynch, Northern Trust (NASDAQ: NTRS) which was upgraded to an Overweight from a Neutral Weight by Prudential Equity Group and Arm Holdings (NASDAQ: ARMHY) was upgraded to a Buy from a Neutral by UBS.
Recent Analyst downgrades include Warner Music Group (NYSE: WMG) which was downgraded to a Sell from a Hold by Citigroup Investment Research, Unilever (NYSE: UN) which was downgraded to a Equal Weight from a Over Weight by Morgan Stanley, the Ryland Group (NYSE: RYL) which was downgraded to a Neutral from an Overweight by JP Morgan and Centex Corp (NYSE: CTX) was downgraded to an Underweight from a Neutral by JP Morgan.
Analyst Coverage Initiations include Qwest Communications (NYSE: Q) was initiated with an Underperform rating and a price target of $6 by Credit Suisse, the stock closed at $6.75, Leap Wireless (NASDAQ: LEAP) was initiated with an Outperform rating and a price target of $55 by Credit Suisse and Sepracor Inc (NASDAQ: SEPR) which was initiated with a Hold rating and a price target of $44 by AG Edwards, the stock closed at $46.23.
Tid Bits
One of the companies that we featured in the silver and gold exploration business is scheduled to report earnings today. The street is looking for Coeur d'Alene Mines (NYSE: CDE) to report 6 cents a share.
Here is something unique, in Minnesota, First Fuel Bank allows consumers to purchase actual gasoline in advance for future use. A consumer can actually buy as much gas as they want at a set rate and if the gas prices rise they can just tap into their own supply at any of their locations and keep their cost down. This is only a 6 station company so don't get too excited about the idea.
Apple Computer (NASDAQ: AAPL) beats the Beatles, as they were awarded a favorable decision against the trademark infringement case brought on by Apple Corp Ltd, the company that guards the interest of the Beatles.
Career Education (NASDAQ: CECO) will pay the U.S. Education Department close to $500,000 to end government findings of financial aid violations in some of its campuses. On another note Institutional Shareholder Services (ISS), a proxy advisory service, has recommended that stockholders vote in favor of a dissident director slate led by Steve Bostic
In the Spotlight
We have featured Impart Media Group (OTCBB: IMMG) over the past several weeks. As we have stated, we do not focus on OTC Bulletin Board issues due to the high risk factor. We only introduce our readers/listeners to unique companies that have the potential to be listed on the Nasdaq. Impart is one of those companies.
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FURIOUS FIVE
This is the First of our "Furious Five" companies that we see excelling in their industry in 2006. The first addition to this week's Furious Five is First Cash Financial (NASDAQ: FCFS) it trades on the Nasdaq under the symbol FCFS.
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We cannot stress enough that investors need to do their due diligence, call the companies, get the information, consult with your investment advisor and if you do not have one consider getting one. Put the same time into investigating these companies as you do when you go to purchase a new television, it's only for your protection. When it comes to thinly traded securities stagger your orders or put a limit order in to avoid a run up.
NAMC Newswire Note
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Louis Victor
NAMC Newswire
888-463-9237
Disclaimer:
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All opinions featured on the NAMC Newswire or NAMC Radio are based upon information that is considered to be reliable, but neither the NAMC Newswire, its journalist, its parent company, affiliates nor assigns warrant its completeness or accuracy, and it should not be relied upon as such. The statements and opinions featured on the NAMC Newswire by its journalist are based on their outlook at the time of the statement or opinion, and are subject to change without notice. NAMC may at times hold a position in the companies that it features, in these cases appropriate disclosure is made.
Louis Victor is the host of the syndicated podcast show and financial newsletter "Wall Street to Main Street" which is featured on the NAMC Newswire Radio. He has been involved in the financial industry for over two decades, on the retail and investment banking ends. He is also well versed in the advertising and marketing industries, which has given him insight into market trends and unqiue companies that may be under the radar.
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